Here are a few things you need to know as Saudi stocks start trading on Thursday.
1) Jabal Omar Development Co. (Jabal Omar) said it plans to set up two subsidiaries. First will be related to asset management for hospitality businesses, and will have a capital of SAR 15 million. The second is for shopping malls management, with a capital of SAR 5 million.
2) Saudi Electricity Co. (SEC) has implemented SAR 4.3 billion worth of new projects in the holy sites (Al Mashaaer Al Mugaddassah) to improve power services, CEO Ziyad Alshiha said.
3) The board of Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) has recommended cutting capital by 60 percent from SAR 1 billion (100 million shares) to SAR 400 million (40 million shares).
4) Takween Advanced Industries Co.’s board of directors approved appointing Jameel Al Molhem as full-time managing director for the company starting Sept. 10.
5) The current level of Saudi Arabia’s foreign exchange reserves is at about 84 percent of gross domestic product, which is more than sufficient to support the Kingdom’s foreign exchange rate policy and economic activities, the Saudi Arabia Monetary Authority said.
6) Oil prices held steady with only slight changes early on Thursday. Brent crude was last unchanged at $52.57/bbl, while WTI crude fell 0.1 percent to $48.37/bbl.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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